From what I understand, it is giving a code. watch the flashes, it's a 2 digit code if I remember right. My '94 does the same thing. I don't pay any attention to mine anymore. someplace there is a list of the airbag codes. There's a good chance the blinking is caused by a bad clockspring.
i think i got the light to quit flashing for my airbag .had a 2 flash ,three flash i replaced the clockspring.so far so good.the part cost 80.00 at auto zone took about an hour to install.the shop wanted 310.00 to do it (ouch) Just remember to unhook the battery for 1/2 hour (not sure if thats the correct time but it worked for me)to let the power drain so the bag dont inflate that would be a bad thing.you need a wheel puller .(chicken foot as we call it?) and the only other thing that might be diffucult is to take out the ignition switch if you havent done it before.The manual says to take it the shop to have it repaired becuse of the air bag so theres no help there.
